Turkey’s President Recep TAYYIP Erdogan has confirmed that a draft crypto law was completed and will be shared with Parliament soon for its mainstream implementation.
Erdogan spoke at an Istanbul press conference to share plans to implement a new economic system in order to combat the declining value of the Turkish Lira. According to local media NTV Erdogan stated that the cryptocurrency bill was ready and added:
“We will immediately send it to Parliament and take action on this matter.”
Recognizing the recent inflationary episode in Turkey, Erdogan stated that the currency phenomenon is not mathematical but a matter process. This implies that there could be a potential for a rise in the value of the lira.
“With this understanding, it is our intention to channel it towards a dry spot. The exchange rate will have its own market price.”
The president sees Turkey becoming one of the top 10 economies worldwide with the new crypto law. He spoke out about rising prices in the region and shared his plans to follow those who alter the labels of price list organizers multiple times per day. He concluded, “We want them lower the dollar’s rises now.”
Related: Bitcoin hits a new all-time high as Turkey’s fiat currency lira falls into freefall
Bitcoin holders in Turkey escaped an accelerating currency crash on Nov. 23 when the Turkish lira fell 15% against the U.S. Dollar in one day.
BTC/TRY 1-day Candle Chart (Binance). Source: TradingView
Cointelegraph reported that Bitcoin (BTC), a fiat currency, reached a new record against the Turkish lire. Binance recorded that the trading pair BTC/TRY reached 723,329 Turkish lire.